Rates held steady Friday, as no economic data will be released today. This morning, the Federal Housing Administration (FHA) announced that its reserves have fallen below required levels. To reduce risk, the FHA is planning policy changes, such as requiring higher credit scores for borrowers. No time frame for the proposed changes has been given. Next week may be volatile for mortgage-backed securities (MBS) markets. Traders will be closely watching Wednesday’s FOMC meeting for details of how and when the Fed plans to unwind its purchases of Treasuries and MBS’s. The Fed has purchased nearly $1 trillion of MBS’s from Fannie Mae and Freddie Mac this year in an effort to push mortgage rates lower.